Business Daily from THE HINDU group of publications
Thursday, June 12, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Thursday, June 12, 2008 ePaper | Mobile/PDA Version |
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Update at 1145 hrs (IST)
Markets Sensex plunges 385 points MUMBAI: The stock market on Thursday nosedived on a major sell-off by funds in heavyweight stocks led by banking and realty sectors after the RBI hiked the repo rate by a quarter percentage point. At 11.50 am, the Sensex was quoted at 14,800.97 points, down 384.35 points. The index touched an intraday low of 14,747.99. The S&P CNX Nifty on the NSE dipped below 4,400 points level touching a low of 4,392.00. At 11.50 am, the Nifty was at 4,406.20, down 117 points. Marketmen said reports of RBI hiking the repo rate, the rate at which banks borrow from the central bank, by 0.25 percentage point to 8 per cent from 7.75 per cent with immediate effect mainly dampened trading sentiments. They said reports of weakening t rends in global markets and rising crude oil prices too impacted the trend. In the US, Dow Jones Industrial Average plunged 1.68 per cent while the tech-heavy Nasdaq composite fell 2.24 per cent. Asian markets were also in negative zone. Singapore shares were trading about 3.2 per cent down, Hong Kong's Hang Seng down 2.45 per cent while Japan's Nikkei-225 index fell 1.87 per cent in early trade. On the BSE, Bankex Index fell by 3.53 per cent to 6,770.81 points and in the realty sector, DLF Ltd fell 6.90 per cent, HDFC Ltd 6.20 per cent, Ansal Infrastructure by 4.17 per cent, Unitech by 4.53 and Parsvnath by 6.55 per cent. - PTI
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